16 Best Free Business Checking Accounts (Open Online Today)

When searching for a business bank account for your small business, your priority will be to find a business bank account that attracts low costs. One type of business bank account that attracts little or no cost is the free business checking account.

Free business checking accounts fall into two categories: those that charge monthly account fees and those that do not charge them. Although financial institutions offer free business checking accounts with no monthly account fees charged, you could still attract other charges for excessive deposits, overdrafts, or transactions.

The free business checking accounts that charge monthly account fees make it easy for you to avoid paying the fees when you meet its minimum balance requirement.

When choosing a free business checking account, it is best to select one that offers you enough cash deposits and monthly transactions to meet your business needs. The best free checking accounts do not require you to pay monthly account fees or maintain minimum balance requirements.

In this article, you will learn about how to choose the best free business checking account and detailed reviews of 16 of the best free business checking accounts.

Best Free Business Checking Accounts

1. Chase Bank

Best Financial Institution with A Comprehensive List of Fee-free Checking Accounts to Choose From

Chase Bank presents you with a free business checking account through its Chase Business Complete Banking. Not only is this account available for free, but Chase Bank also gives you a chance to earn a $300 cash bonus when you fulfill certain requirements.

The free business checking account comes with a Chase QuickAccept solution. This refers to a built-in card acceptance solution that allows you to quickly receive card payments from anywhere and at any time. Account management capabilities are also made available to you as well as mobile apps and multiple Chase business credit card options.

You also enjoy multiple ways of waiving the monthly maintenance fee. They include maintaining a minimum daily balance, continued purchases on your Chase Ink Business credit card, or deposits from QuickAccept transactions, among others. Same-day deposits are also completed for you at no extra cost.

Chase Bank's premium category features accounts with higher limits, greater support, and multiple options to waive monthly fees, among a lot of other offerings. The bank integrates with leading accounting software like QuickBooks and other QuickBooks alternatives.

Fees & Pricing

• Minimum Deposit: There is no minimum balance requirement.
• Minimum Balance: $0
• Monthly Fee: Chase Bank charges $15 at the end of each month but the bank can waive it if you fulfill at least one of the different requirements. When you maintain a daily balance of at least $2,000 or you spend at least $2,000 in purchases using your business card (excluding refunds or refunds), you get a waiver. Also, you can get a waiver when you deposit a minimum of $2,000 into your small business checking account just before the end of your bank account statement period.
• Transaction Fee: Chase Bank does not charge a transaction fee for your first 20 transactions but after you exceed the number, it charges you 40 cents per transaction.
• Cash Deposit Fee: You are charged $2.5 per $1,000 after the first $5,000 is deposited in the account.
• ATM Fee: Making use of non-Chase ATMs attracts a $2.5 fee per transaction.

2. Capital One

Best Online Business Checking Account with Unlimited Transactions

Capital One is a banking institution that presents you with great perks on your free business checking accounts. It comes with integrations with top accounting software like Xero and a comprehensive mobile app for paying bills, tracking accounts, and depositing checks.

The bank is one of the few that allow you to make an unlimited number of transactions on your business checking account without any fee charged. FDIC insurance covers the funds placed in your business checking account and your transactions are facilitated and made easier through integration with Zelle.

Fees & Pricing

• Minimum Deposit: $250
• Minimum Balance: $0
• Monthly Service Fee: Capital One Bank charges $15 but you can get a waiver if you maintain an average balance of $2,000 for 30 to 90 days. You can also get a waiver if you operate two other Capital One accounts.
• Transaction Fee: You enjoy no transaction fee on all your transactions.
• Cash Deposit Fee: Capital One Bank offers you no charges on your cash deposit up to $5,000 per month but subsequently it charges $1 for every $1,000 you deposit.
• ATM Fee: It does not charge any ATM fee at any of its 39,000 Allpoint ATMs nationwide.

3. Bank of America

Best Free Small Business Checking Account that Offers You the Chance to Earn Desirable Bonuses

Bank Of America is a financial institution that does not just provide you with checking accounts but also gives you a chance to earn some money. You enjoy a chance to make between $100 to $500 in bonuses pending the fulfillment of certain requirements.

These requirements include making a certain minimum deposit, maintaining a certain minimum amount in the account, applying for a credit card, and spending a particular minimum amount. Nonetheless, you have free money waiting for you when you choose a Business Advantage checking account with Bank of America.

Two different types of checking accounts are presented to you by Bank of America: Business Advantage Fundamental Banking account and Business Advantage Relationship account.

The Business Advantage Fundamentals Banking account is optimized for small businesses while the Business Advantage Relationship Account comes with additional features. They include easy QuickBooks integration, the ability to grant and customize account access levels, and no fees for incoming wires, stop payments, and electronic deposits, among others.

Fees & Pricing

• Minimum Deposit: Bank of America requires a minimum deposit of $100
• Minimum Balance: $0
• Monthly Fee: Bank of America charges differing monthly fees for both types of business checking accounts – $16 for the Business Advantage Fundamentals Banking account and $29.95 for the Business Advantage Relationship account. However, you enjoy these business checking accounts for free when you follow certain requirements. They include maintaining a minimum monthly balance of $5,000 and spending $250 with your Bank of America business charge card, credit card, or debit card.
• Transaction Fee: You enjoy zero fees on your first 200 transactions before being charged 45 cents per transaction. Bank of America does not also charge transaction fees for debit card transactions, electronic debits, online bill pay, and automated clearing house (ACH).
• Cash Deposit Fee: Bank of America does not charge you a cash deposit fee for your first $7,500, but subsequently charges 30 cents per $100 once you exceed the $7,500 mark.
• ATM Fee: You enjoy free access to Bank of America’s over 16,000 ATMs nationwide. However, when you use an out-of-network ATM, you have to pay $2.50 per transaction as an ATM fee.

4. U.S. Bank

Best Free Business Checking Account with Great Network of Physical Branches And ATMs

With branches in more than 25 states and one of the largest ATM networks in America, U.S. Bank is another financial institution that offers you free business checking accounts.

U.S. Bank’s business checking accounts come with zero surcharges at MoneyPass network ATMs. Like other banks previously mentioned on this list, these free business checking accounts come with options that allow you to waive monthly fees.

Through U,S. Bank’s Silver Business Checking package, you enjoy different perks. You have up to 125 free monthly transactions, 25 free cash deposits per statement cycle, a 50% discount on the first check order up to $50, and a 50% discount on the Gold Personal Package checking monthly maintenance fee.

The business checking account also comes with online and mobile banking to manage check, wire, and ACH accounts, card payment processing, check fraud prevention, remote check deposit, overdraft protection, and access to US Bank’s EZ Switch Kit.

Fees & Pricing

• Minimum Deposit: Opening a Silver Business checking account with the U.S. Bank requires no deposits.
• Minimum Balance: $0
• Monthly Fee: $0
• Transaction Fee: U.S. Bank offers free transactions on the first 150 transactions your business makes in a month. After exceeding the number of transactions, your business is charged $0.50 per transaction.
• Cash Deposit Fee: No deposit fee is charged on your first $2,500 per month.
• Mobile Check Deposit Fee: You are charged $0.5 after the first 20 mobile check deposits in a month.
• ATM Fee: U.S. Bank offers you free access to over 3,200 ATMs nationwide and 25,000+ MoneyPass ATMs. It does not charge you when you use an out-of-network ATM, however, the operator may charge a fee.

5. First Internet Bank

Best Online Business Checking Account that Offers Internet-Only Services

First Internet Bank allows you to earn interest with its business checking account and also open business savings account that pays an annual percentage yield (APY). The financial institution serves as an online-only bank, meaning every service provided to you on its checking account will be facilitated through the internet.

With First Internet Bank, you enjoy fee-free banking and up to $10 refund for third-party ATM fees. There are no monthly fees, transaction fees, or minimum balance requirements. First Internet Bank’s business checking account, however, remains a good choice only if you do not need access to a physical branch location or service.

Fees & Pricing

• Minimum Deposit: Opening a business checking account with First Internet Bank requires a minimum $100 deposit
• Minimum Balance: $0
• Monthly Fee: $0
• Transaction Fee: Unlimited transactions
• ATM Fee: No ATM fee charged by First Internet Bank. However, when you visit other third-party ATMs, the operator may charge you a fee. First Internet Bank reimburses up to $10 per month of the ATM fees you pay to third-party ATMs.
• Ongoing APY: You enjoy a 0.30% Annual Percentage Yield (APY) on balances of $10,000 and above.

6. Nbkc Bank

Highly Beneficial Small Business Checking Account for Kansas City Residents

Nbkc Bank, dedicated specifically to residents of Kansas City, presents you with a free business checking account with a lot of perks. With the free business checking account provided by the financial institution, you hardly worry about any form of fees required to be paid.

Opening your business bank account does not require any payments to be made. Additionally, there is no minimum balance and no fees for an Nbkc Business Debit MasterCard returned electronic or paper items, overdrafts or NSFs, and business online banking.

Nbkc Bank also does not charge you fees for depositing checks, talking to a representative, generating e-Statements, or for incoming domestic wires from anywhere in the USA, among others.

Fees & Pricing

• Minimum Deposit: $0
• Minimum Balance: $0
• Monthly Fee: $0
• Transaction Fee: $0
• Cash Deposit Fee: $0
• ATM Fee: $0
• ACH Fee: $0

7. Novo

Best Online Business Checking Account For Entrepreneurs And Freelancers

Novo presents you with a free business checking account dedicated to small business owners, entrepreneurs, and freelancers. This free business checking account also comes with its different perks. It offers one of the best business bank accounts for LLCs (Limited Liability Companies).

Alongside integrations with Shopify, Stripe, Slack, and Xero, among others, Novo offers you fast account opening and FDIC insurance. The bank offers you free transfers, no monthly fees or minimum balance requirements, an easy-to-use mobile app, and a wholly human customer service.

You also get free mailed checks and incoming wires as well as refunds on all ATM fees and up to thousands of dollars in exclusive benefits. Your account and debit cards are also secured with dedicated security teams and EMV technology.

Fees & Pricing

• Minimum Deposit: $0
• Minimum Balance: $0
• Monthly Fee: $0
• Transaction Fee: $0
• Cash Deposit Fee: $0
• ATM Fee: Novo refunds all ATM fees you incur.

8. Mercury

Best Free Business Checking Account with Extended Account Management Options, Good For Startups And eCommerce Stores

Providing FDIC-insured business checking accounts built for startups and online stores, Mercury is another financial institution that also presents you with substantial offers.

With Mercury’s business checking accounts, you enjoy zero service charges, overdraft fees, minimum deposit requirements, free account opening, as well as free ACH, and wires, among others.

Mercury also gives you access to a transactions API, payments API access, team, and cash management capabilities, and accompanying bookkeeper accounts. Your checking accounts also come with physical and virtual cards.

Fees & Pricing

• Minimum Deposit: $0
• Minimum Balance: $0
• Monthly Fee: $0
• Transaction Fee: $0
• Cash Deposit Fee: $0

9. Relay

Best Free Business Checking Account with Useful Automation Features

Relay is a financial institution that provides you with FDIC-insured checking accounts that can be created within seconds and accessed from anywhere and at any time. Alongside no-fee banking services and the absence of a minimum balance requirement, Relay presents you with sufficient automation while managing your business checking accounts.

You can easily assign cards and spending limits to your fellow holders, automate bill approvals and automatically settle recurring payments via ACH, wire, and check. There is also the option of collaborating easily and securely by setting user permissions.

Relay also lets you manage up to 20 business checking accounts. It lets you streamline your accounting activities through direct integrations with small business accounting software such as Xero and QuickBooks Online. Your debit cards are also protected by Mastercard's zero liability policy.

Fees & Pricing

• Minimum Deposit: $0
• Minimum Balance: $0
• Monthly Fee: $0
• Transaction Fee: $0
• Cash Deposit Fee: $0
• ATM Fees: Relay offers free incoming wires and free cash withdrawals at its over 32,000 Allpoint ATMs.

10. Axos Bank

Best Free Business Checking Account Accompanied by Relatively High APY and Sign Up Bonus

Through its Basic Business Checking account, Axos Bank also presents you with free online business banking services. You enjoy an unlimited number of domestic ATM reimbursement fees, no monthly balance requirement, zero fees for overdrafts and insufficient funds, and zero maintenance fees charged by the end of the month for your business.

Axos Bank also offers you a $100 sign-up bonus and up to 1.25% APY. It also offers a finance management tool, FDIC insurance, a mobile app, and sufficient account security to safeguard your funds. Specialized accounts are also available to you.

Fees & Pricing

• Minimum Deposit: $1,000
• Minimum Balance: $0
• Signup Bonus: $100
• Monthly Fee: $0
• Transaction Fee: You enjoy 200 free transactions per month after which you pay $0.30 per transaction.
• Cash Deposit Fee: $0
• ATM Fees: Surcharge-free ATM network nationwide

11. Navy Federal Credit Union

Best Free Business Checking Account Choice For Individuals Affiliated With The Navy

Specially dedicated towards military personnel, especially from the navy, Navy Federal presents checking accounts that are equally beneficial and enticing.

Checking accounts from this financial institution comes with a debit card with zero-liability protection, zero monthly fees, dividends that are credited monthly, multiple checking protection options, and digital banking options.

Navy Federal also provides other checking accounts for regular individuals and students in higher educational institutions. These checking accounts are generally devoid of fees but come with different APYs and dividend rates.

Requirements for enjoying the fee-free services accompanying Navy Federal's checking accounts also differ amongst these different accounts.

Fees & Pricing

• Minimum Deposit: $0
• Minimum Balance: $0
• Monthly Fee: Navy Federal's checking accounts are available to you for free but, as mentioned before, requirements for waiving monthly fees differ according to the account you choose to use. The Business Checking account has no monthly fee, the Business Plus Checking account charges a monthly service fee of $8.
• Transaction Fee: You have unlimited fee-free electronic transactions and 30 fee-free non-electronic transactions per month. When these transactions are exhausted, you are then charged $0.25 per transaction.
• Cash Deposit Fee: $0
• APY: 0.01%

12. BBVA USA

Best Online Bank for Small Business with Easy Access To Physical Branches

Although BBVA USA now forms a part of PNC, this financial institution still runs its operations as before but does not allow individuals to apply for a checking account online. Nonetheless, BBVA USA, through PNC, offers you a handful of benefits accompanying its business checking account.

A business checking account with BBVA USA does not require a monthly service fee, only requires a $100 minimum opening deposit, and includes up to $5,000 in fee-free cash processing per month.

BBVA USA also allows you to make two free in-branch deposits, five free in-branch withdrawals, or processed checks per month. You also enjoy unlimited free digital transactions, free online banking, and no fee to use any of the BBVA ATMs in the U.S.

Fees & Pricing

• Minimum Deposit: BBVA USA’s business checking account requires a $100 opening deposit
• Minimum Balance: $0
• Monthly Fee: $0
• Transaction Fee: BBVA USA Bank offers fee-free cash processing for up to $5,000 per month. Once you exceed the limit, you are subsequently charged $3 per $1,000 and $1 per transaction on every in-branch withdrawal or check processing.
• Cash Deposit Fee: You enjoy two free in-branch deposits and five free in-branch withdrawals or processed checks per month.
• ATM Fees: BBVA USA does not charge a fee when you use any of its over 43,000 ATMs in the United States and ATMs at 7-Eleven gas stations.

13. Wells Fargo

Best Overall Free Business Checking Account Choice For Small Businesses

Not only does Wells Fargo offer one of the best free checking accounts for very small businesses, but the financial institution also offers a healthy loan program to these small businesses. One of the best checking accounts you get from the bank is the Initiate Business Checking account.

With a Wells Fargo Initiate Business Checking account, you only require a $25 opening balance. You can easily waive the $10 monthly maintenance fee by keeping a $500 minimum balance per month in your account.

Users also enjoy 100 free transactions, $5,000 in free cash deposits, online and mobile banking, and access to a fee-free network of over 13,000 ATMs. Extended customer support hours are also provided to you through small business customer service phone centers.

Fees & Pricing

• Minimum Deposit: Wells Fargo’s Initiate business checking account requires a $25 opening deposit.
• Minimum Balance: $0
• Monthly Fee: $10 monthly service fee which you can easily waive when you maintain a minimum balance of $500 per month in your business checking account.
• Transaction Fee: You enjoy up to 100 free transactions per period.
• Cash Deposit Fee: You enjoy free cash deposits of up to $5,000 per period.
• ATM Fee: Wells Fargo gives you access to over 13,000 ATMs for free.

14. Citizens Bank

Best Free Small Business Checking Account with Extended Customer Support Hours

With over 1000 branches, 24/7 banking services, and sufficient account security, Citizens Bank is another financial institution worth mentioning.

The financial institution offers multiple checking accounts but when it comes to your business, the Citizens Bank Clearly Better Business Checking account is your go-to choice. You enjoy perks such as zero fees for wire transfers, 200 free bank checks, free foreign currency exchange, and multiple overdraft options.

Fees & Pricing

• Minimum Deposit: $0
• Minimum Balance: $0
• Monthly Fee: $0
• Transaction Fee: You enjoy 200 free check transactions after which you are charged 50 cents per check transaction
• Cash Deposit Fee: Citizens Bank offers you up to $5,000 in free cash deposits monthly.
• ATM Fees: You enjoy free access to over 3,100 ATMs, and pay $3 when you use an out-of-network ATM.

15. Comerica

Best Online Business Checking Account Accompanied by Free Credit Card and Payroll Processing

Comerica presents you with a Basic Business Checking account which is a non-interest bearing checking account accompanied by multiple free banking services. This business checking account is dedicated to small businesses and comes with no monthly maintenance fee or minimum balance requirement.

You can conduct up to 75 free transactions, deposit up to $2,500 in cash per month for free without any cash deposited fee, and view, download, or print your 24-month eStatements through free Comerica Web Banking. The free business checking account also comes with a credit card and payroll processing.

Fees & Pricing

• Minimum Deposit: Comerica requires a low minimum opening deposit of $50.
• Minimum Balance: $0
• Monthly Fee: $0
• Transaction Fee: You enjoy 75 free transactions per month.
• Cash Deposit Fee: You enjoy up to $2,500 in free cash deposits per month.

16. Iberia Bank

Best Online Bank for Small Business with Great Overdraft Protection Options

Iberia Bank also presents you with free banking services where you waive monthly fees and enjoy different benefits on your bank accounts. Although the business checking account includes a minimum opening deposit, you are allowed to earn interest and have multiple overdraft protection options.

Up to 500 free transactions are also provided to you alongside up to $10,000 free deposits and exchanges per statement cycle. You enjoy two accompanying free personal checking accounts with monthly service charges waived for business owners as well as a free Visa business debit card, free online banking with Bill Pay, free e-Statements, email alerts, and e-notices.

Fees & Pricing

• Minimum Deposit: $100
• Minimum Balance: $0
• Monthly Fee: $0
• Transaction Fee: You enjoy up to 500 free transactions.
• Cash Deposit Fee: You enjoy up to $10,000 in free cash deposits.
• ATM Fee: $2 charge when you use an out-of-network ATM.

How to Choose the Best Free Business Checking Account?

When searching for the best bank to open a business checking account with, you have to weigh your options and select one that will best benefit your business. Before picking the best business checking account, there are some factors to consider:

• Services: Ensure that the bank renders the services that you need for your business. The best free business checking account will offer the following services: deposits, cash withdrawals, use of checks, ATM services, online banking, etc. If you run a cashless business, online banking is the perfect choice for you.
• Charges: You need to find out the number of charges required for certain services like maintenance fees, monthly service fees, minimum first deposit, transaction fees, interest rate, minimum account balance, etc. When comparing these charges, it is advisable to choose a bank with lesser fees but some banks offer services without any fee required. Fees can also be waived under some conditions.
• Online Services: Online banking is easy to access, saves time, and is very reliable. Make inquiries about the bank's electronic banking services and bank apps.
• Safety: Find out how insured the bank you want to open a business checking account is. Also, find out how safe and protected your money is in that particular banking institution.
• Transaction Limits: There are banks with unlimited transaction times. It is important to know the number of transactions you can perform in a day. This helps to reduce or avoid any form of charges for exceeding the transaction limit.
• Use of ATMs and Debit Cards: Depending on your business traction frequency, you may need to perform transactions without going to your bank's branch. This is where the use of ATMs comes in. Make sure the free business checking account works or has ATMs wherever you are. Also, find out how much is being charged to make use of ATMs and debit cards. It is however advisable to use a bank with free ATMs without any fee charge.
• Customer Care Services: The bank must have 24/7 customer care service available to cater to emergencies and resolve issues.
• Use of Integrations: There are various modern software used for ease in making accounts, invoices, etc. for your business. Check if these integrations with modern software applications are available before choosing a bank.
• Loans and Interest Rates: Look out for loan opportunities, processing of the loans, duration of repayment, and interest rates. Compare the rates before settling for your choice.

Free Business Checking FAQ

Which Online Business Bank Account Should I Pick?

Selecting the best online business bank account for your business needs can be tricky due to the numerous options available to you. Opening any free business checking account without considering your business needs, charges, transaction limits, customer service, integrations, security, and other services is as good as a blind guess.

Chase Bank is the best overall online free business bank account with a comprehensive list of free business checking accounts. Capital One is the best free business checking account with unlimited transactions and an early paycheck feature.

Novo is the best online business bank account for freelancers and entrepreneurs. U.S. Bank is the best free business checking account for low transaction volume with an automatic fee waiver for individuals serving in the armed forces or above 65 years of age.

Bank of America is the best free business checking account that offers you the chance to earn bonus rewards. First Internet Bank is a free business bank account for opening multiple online accounts.

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